Indian Oil‘s profit doubles to Rs 4,917 crore in third quarter: new Rs 31,500 crore refinery set for Tamil Nadu

IndianOilLogo800x600.jpg

Indian Oil Corporation (IOC) reported a net profit of `4,916.6 crore on a standalone basis for the quarter ended December 31, recording a 110% rise from the same period a year ago. The state-run oil refining and marketing company attributed the increase in profit to inventory gains, stemming from fluctuations in global oil prices and rising […]

Read more

ONGC opens 8th hydrocarbon producing basin of India in West Bengal after 60 years

Gazprom-2-oil-rig.jpg

State-owned Oil and Natural Gas Corporation (ONGC) opened India’s eighth hydrocarbon producing basin when it started oil flow from a well in the Bengal basin. Oil production commenced from the well Asokenagar-1 in 24 Pargana district, the company said in a statement. “The well Asokenagar-1 was completed as an oil producer under early-monetisation plan issued by the […]

Read more

ADNOC seeks Indian partners for its proposed $ 45 billion petrochem expansion plans

refining.png

Abu Dhabi National Oil Company (ADNOC), UAE’s biggest energy producer, is seeking Indian companies for partnership in its ambitious USD 45 billion downstream petrochemical expansion plans. ADNOC CEO Sultan Ahmed Al Jaber, along with global energy chief executives had a virtual session with India’s Prime Minister during the India Energy Week held earlier this week. A […]

Read more

India’s power grid company, PGCIL receives approval from CCEA to monetise its assets, estimated to be worth Rs 20,000 crore

The Cabinet Committee on Economic Affairs (CCEA)  has given its approval to Power Grid Corporation of India Ltd. (PGCIL) to monetise transmission lines worth Rs 7,164 crore in the first phase via infrastructure investment trust (InvIT) in FY21, according to a government statement. Based on the experience gained, further monetisation would be carried out in […]

Read more

India, Nepal to explore new pipeline; expand energy cooperation

The atmosphere of mistrust over border issues notwithstanding, India and Nepal have agreed for cooperation in energy sector. The two countries have decided to explore the possibility of another petroleum pipeline to feed the growing fuel demand in the Himalayan nation.­­­ The existing Motihari-Amlekhgunj petroleum products pipeline has become the lifeline for Nepal for meeting its energy needs. The […]

Read more